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HomeMy WebLinkAbout2804 '- ~, ~, R,' 8~~1 16 M654 Pa iJ. kOC1E C~Tl, flA. It is understood and agreed that the party of the second 'part shall not exercise any j: its rights under this assignment of rents unless and until there has been a default in the Jntyment ot the indebtedness secured by the deed of trust hereinafter mentioned, or default ,~n the payment of any other sums secured by said deed of trust. It is understood and agreed that the party of the first part shall r.ot have the right to collect any installment or installments of rent in advance of the date prescribed in said lease or leases for the payment thereof. And the par.ty of the first part does hereby authorize and empower the said PILOT LIFE INSURANCE COMPANY, its successors and assigns, 'to collect the said rents, issues-, profits, revenues, royalties, rights and benefits, as they shall become due, and does hereby direct each and all of the tenants of the aforesaid premises to pay such rents as may Il.ow be due or shall hereafter become due to the said PILOT LIFE INSURANCE COMPANY, its successors and assigns, upon demand for payment thereof by said Company, its successors or assigns. It being understood and agreed, however, that until such demand'is made the party of the first part is authorized to collect, or conhnue collecting, said rents, issues, profits, revenues, royalties, rights and benefits. The term of this assignment shall be until the certain note and deed' of trust or mortgage, (or any extensi~n or renewal thereof), dated,.. ....Io....L :a. II .. ====:: ~- --\ A...... .. 1161 , made, executed and delivered by _____ ~..IL~,_~.~. in favor of - -- _.. . PILOT LIFE INSURANCE COMPANY covering the above described premises for the sum of _ ...li.B - -.W .- ../1..... ($_30,000.00 ) DOLLARS shall have been fully paid and satisfied, or until the expiration of the period "f redemption, if any, at which times this assignment is to be fully satisfied, cancelled ~md re leased, and the releasing of said deed of trust or mortga!;e sh:dl constitute a re lease hereof. This ssignment is given as additional security for the performance of each and all of the obii~ations and covenants if the note and deed of trust or mortgage above described (or any extension or renewal thereof), and the amounts cvllected hereunder, less the expenses of collection. if any, shall be applied on account of taxes and assessments on s..id real estate, insurance premiums and delinquencies of principal and interest there- under. It is expressly covenanted and agreed by the undersigned pa:..'ty of the first part, that .:t the time f the execution and delivery of this assignment there has been no anticipation or ,crepayment of any rents by any of the tenants occupying the above described property or by any of the lessees in any of the above described leases. It is further covenanted and a~reed that the party of the first p;;.rt, and his successors or assigns, shall have no right, power or authority to aItel', modify or amend ..he terms, or any of them, of any of the leases above described in any particula. whatsoeve.- without first obtaining the ....onsent in writing of PILOT LIFE INSURANCE COMPANY to such ~ teration, modification or amendment.